Umbrella Network Price

Umbrella Network is a decentralized oracle service designed to provide scalable and secure data for modern DeFi applications. As a community-governed oracle network, UMB aims to offer cost-effective and reliable off-chain data to blockchain ecosystems. Key features of Umbrella Network include: - Decentralized data provision using a network of validators - Scalable architecture to handle high volumes of data requests - Cost-effective oracle services compared to alternatives - Community governance allowing token holders to participate in decision-making Umbrella Network was launched in February 2021 on the Ethereum blockchain. The native token UMB is used for governance, staking, and accessing oracle services. Currently, UMB is ranked #5604 with a price of $0.0001176 and a 24-hour trading volume of $6.74K. The circulating supply is 429.01M UMB UMB tokens out of a total supply of 447.53M UMB. The all-time high price was $2.62 on February 10, 2021. As a relatively new project in the oracle space, Umbrella Network aims to compete with established players by offering improved scalability and lower costs for DeFi protocols and other blockchain applications requiring off-chain data.

Umbrella Network was created on February 9, 2021. The project launched its token on the Ethereum blockchain on this date, marking the official creation of the UMB cryptocurrency. Since then, Umbrella Network has been operating as a decentralized oracle service aimed at providing scalable and cost-effective data solutions for DeFi and blockchain applications. The launch price was $0.3 per token. As of 2026-02-27, Umbrella Network is trading at $0.0001176 with a market cap of $50.48K and a circulating supply of 429.01M UMB.

The founders of Umbrella Network are Sam Kim and Noah Kershner. They established the project in 2020 with the goal of creating a scalable and cost-effective decentralized oracle solution for the DeFi and blockchain ecosystem. Sam Kim serves as the CEO, bringing extensive experience in blockchain technology and distributed systems. Noah Kershner takes on the role of CTO, leveraging his expertise in cryptography and smart contract development. Together, they lead the Umbrella Network team in developing innovative oracle services that aim to provide secure and reliable data for decentralized applications.

Umbrella Network works as a decentralized oracle service for the DeFi and blockchain ecosystem. Here's how it operates: 1. Data Collection: Umbrella Network aggregates off-chain data from multiple sources. 2. Consensus Mechanism: It uses a community-driven consensus model to validate and verify the collected data. 3. Merkle Tree: Validated data is organized into a Merkle tree structure for efficient storage and retrieval. 4. On-chain Publishing: The Merkle root is published on-chain, ensuring data integrity and transparency. 5. Data Accessibility: DeFi applications can access this verified data through smart contracts. 6. Scalability: Umbrella Network's architecture allows for handling large volumes of data cost-effectively. 7. Cross-chain Support: It operates across multiple blockchain networks, including Ethereum and BNB Chain. 8. Token Utility: The UMB token is used for governance, staking, and accessing oracle services. By providing reliable, scalable, and cost-effective oracle services, Umbrella Network aims to support the growth of decentralized applications in the blockchain space.

Umbrella Network utilizes a hybrid architecture combining on-chain and off-chain components: 1. On-chain: Smart contracts on Ethereum and other blockchains for data storage and consensus. 2. Off-chain: A network of validator nodes that collect, verify, and submit data to the blockchain. 3. Merkle tree data structure: Allows efficient storage and verification of large datasets. 4. Layer-2 scaling: Implements optimistic rollups for improved throughput and lower costs. 5. Cross-chain interoperability: Bridges to connect multiple blockchain networks. 6. Decentralized governance: UMB token holders can participate in protocol decisions. 7. Oracle system: Provides reliable external data to smart contracts. This architecture enables Umbrella Network to offer scalable, cost-effective, and secure oracle services for DeFi and blockchain applications across multiple networks.

The future and roadmap of Umbrella Network (UMB) looks promising. Key developments include: 1. Expanding oracle services across multiple blockchains to increase interoperability. 2. Launching new DeFi products leveraging Umbrella Network's decentralized data feeds. 3. Enhancing scalability and throughput of the network to handle growing demand. 4. Implementing governance upgrades to further decentralize decision-making. 5. Partnering with major DeFi protocols to integrate Umbrella Network oracles. 6. Developing privacy-preserving features for sensitive data feeds. 7. Exploring layer-2 scaling solutions to reduce transaction costs. 8. Introducing staking and yield farming opportunities for UMB token holders. 9. Expanding the core development team and community contributors. 10. Conducting regular security audits to maintain network integrity. With these initiatives, Umbrella Network aims to become a leading oracle solution in the Web3 ecosystem by 2031. The team is focused on driving adoption, improving technology, and creating value for stakeholders. As the DeFi space grows, Umbrella Network's role in providing reliable off-chain data could become increasingly vital.